AI, Grizzlies part ways

From ESPN
Allen Iverson's time in Memphis is over.
The Grizzlies announced Monday in a statement that the team has ended its one-year contract with the 10-time All-Star and former league MVP in what it called a mutual agreement. Iverson is expected to be placed on waivers by 6 p.m. ET Monday, a league source told ESPN.com's Chris Sheridan.
Under the agreement, Iverson will receive only a fraction of the $3 million he was scheduled to earn. If he clears waivers, he will become an unrestricted free agent on Wednesday night.